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中手遊(0302.HK)大漲10.29%居港股手遊股前列 東北證券籲六個月目標價4.29港元
格隆匯 02-02 11:40

2月2日,中手遊早盤中大漲10.29%,報2.25港元,漲幅居港股手遊股前列,其它手遊股跟漲。其中,創夢天地漲6.08%,心動公司漲5.07%,嗶哩嗶哩漲1.28%,網易漲1.04%,騰訊漲1.35%。摩根大通近期發表報吿,預計在網遊行業收入恢復支持下,今年遊戲股前景將改善,主要驅動因素包括更有利的監管環境、更多的遊戲供應、更好的玩家支出。與普遍認為重新開放將對內地的遊戲活動產生負面影響相反,小摩認為影響有限,因為內地遊戲市場是由移動設備驅動,所以不受地點限制。由於網絡遊戲的內容驅動性質,該行認為今年更強勁的遊戲內容供應將超過重新開放後消費者活動復常帶來的負面影響。

東北證券1月30日研報首次覆蓋中手遊,報吿首予中手遊“買入”評級,六個月目標價4.29港元,預計中手遊2022-24年歸母淨利潤0.1/6.36/8.87億元,營業收入分別為26.27/52.51/68.75億元。參考可比公司,給予公司對應2023年16X PE,預期其合理市值為101.76億人民幣。

東北證券指,中手遊作為頭部IP遊戲運營商,“IP+遊戲”戰略取得顯著成效,研發促進蝶變。而中手遊版號及產品儲備豐富,重點產品上線表現優異。版號恢復後,公司在2022年8-12月4次版號發放中,每個批次均有版號獲取,為公司的新品發行實現了較好的支撐。公司2023年待發行產品較多,重點產品包括《新仙劍奇俠傳之揮劍問情》、《仙劍世界》、《斗羅大陸:史萊克學院》等,產品儲備豐富。在已上線產品上,《鎮魂街:天生為王》表現優異首周流水過億,另預計前述新品及《吞噬星空:黎明》等多款產品的後續上線將有力推動公司業績復甦。預計年內上線的自研國風元宇宙平台《仙劍世界》,將在業績上對公司產生較為長期的支撐。

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